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Smart Elevator Market Forecasts to 2027
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Market Highlights
The conventional elevator system requires frequent repairs and maintenance, which eventually increases the operational cost and causes inconvenience by increasing the waiting time. In such cases, smart elevators are developed with advanced solutions and equipped with security controls such as access control systems, destination dispatching, biometric and touchscreen. In the light of these factors, the smart elevators solutions are presumed to gaining popularity over the forecast period.
The Smart Elevator market is segmented type, component, services, speed and application.
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By type, the smart elevator market is sub-segmented into passenger elevator, freight elevator and fireproof elevators. The component segment comprised maintenance, control system and communication system. The control sub-segment is further segregated into access, elevator, sensors and security. On the basis speed of elevators, the market is categorized as low-speed, fast-speed, high-speed and super-speed.
The application based smart elevator is categorized as industrial, commercial, institutional and infrastructure, residential, and others.
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Key Players
Some of the key players of smart elevator market include ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Schindler Group (Switzerland), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Motion Control Engineering (U.S.), Mitsubishi Electric (Japan), Hyundai Elevator (South Korea), Hitachi (Japan), Fujitec (Japan) and Hyundai Elevator Co. Ltd (Iran)
Regional Analysis
Geographically, the smart elevator market is categorized into four different regions such as North America, Asia Pacific, Europe and the Rest of the World.
Asia Pacific region is expected to be the fastest growing region in smart elevator market which is attributed to increased investment by their economies to modernize their infrastructure and develop as smart cities are expected to gain the popularity over the forecast period. India, particularly, is anticipated to be a fastest growing economy, regarding GDP, which is presumed to be the brightest spot for investment associated with regulation policies such as FDI in commercial sectors.
North America and Europe expected to have a gradual growth the smart elevator market over forecast period owing to highly advanced commercial infrastructure which requires made them early adopters of technology.
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